Online lender unveils rate changes

In the efforts to stay ahead of the game, online lender UBank announced that it has slashed the variable rates of its UHomeLoan offer.

Starting 18 July, borrowers with loans between $200,00 to $700,000 will see an interest rate of 3.59%, 10 basis points lower than the previous rate of 3.69%.

With this move, UBank avoided the current trend in the variable home loan scene, where nine lenders have already announced interest rate hikes in the face of higher funding costs and stricter regulation.